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21 Cards in this Set
- Front
- Back
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Goods |
Houses, foods, clothes, gadgets |
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Services |
Airline pilots, teachers, doctors, dishwasher, those who work in hotels |
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Trade |
The buying, selling, and exchanging of goods and services |
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Domestic Trade |
Within a Nation |
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International Trade |
Between Nations |
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Benefits of Trade |
Improved Standard of Living, Increased Productive Capacity, and Increased Earning for a Nation |
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Improved Standard of Living |
The level of material well being that a nation enjoys |
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Specialization |
Which is the producing and exposing of those goods that a nation is best suited to produce |
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A nations system of public works with their buildings, equipment, and workers is known as |
Infrastructure |
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Export |
Send out and sell to other nations the goods they produce |
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Import |
Bring in and buy from other nations the goods they dont produce |
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The expenditure of something in order to achieve a goal |
Cost |
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Economic systems must answer 3 questions: |
What to Make/ Produce How and by whom should its products be made Who will buy and consumer their products/ who gets what's made |
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Major economic systems |
Traditional economy, market economy, command economy |
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Most people in a traditional economy are farmers |
Traditional Econony |
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An econonic system that is not controlled by the government but by privately owned businesses |
Market Econony |
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Fundamental economic questions are answered by individual businesses and consumers |
Free Enterprise |
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Characteristics of a market econony |
Profit Motivated Competition Supply and Demand Shares of Stocks |
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An economy that is controlled by the government |
Command Economy |
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Types of Command Economy |
Socialism Communism Mixed Economy |
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Mixed economy |
Have features of all 3: tradition, market, and command economies |
